Just bought a foreclosure to 'flip".......{gulp}

[MotorSeven]

Mjarrels, well, I am THE labor & I don't use substandard materials. Besides, this is mostly a hazmat style clean-up, some sheetrock, paint & flooring....not much in materials. I look at it this way, someone has to buy these dumps and improve them and the neighborhoods, so it might as well be me and I might as well make some money doing it. I will sell this well below market value when it's finished because I don't want to sit on it. This will be a perfect house for a first time home buyer because it will be affordable. Sorry, but I don't see any negatives here.

 

[MotorSeven]

jeje, wow, taking one down to the studs is very ambitious & time consuming. Were the walls in that bad of shape?

 

[jejeosborne]

jeje, wow, taking one down to the studs is very ambitious & time consuming. Were the walls in that bad of shape?

The house was built in the mid 60's and the drywall had seen better days. It is quicker to remove the drywall than to patch. I do the same when there is wall paper. Drywall is cheap and quick. I also added a bathroom to the basement which included cutting out concrete. It took me right at 6 months to complete. I did a lot if the work myself but if I couldn't earn $50/hour, I hired it done. Realize all that you will lose around 40% in taxes on you profits so any receipt from having something done is taxes you won't pay. That is why I would compute how long it would take me vs a professional to do the work.
It was a quick sale in fact I had two bidding against each other because it was in new condition. Not saying this is the best method and I would not have gone to that extreme if not in my neighborhood. All worked out in the end.

 

[ultrarunner]

How do handle the permits when you take it down to the studs?

We have so many disclosure hoops to run through when selling.

 

[MotorSeven]

How do handle the permits when you take it down to the studs?

We have so many disclosure hoops to run through when selling.

No permits here for a re-mod.....I love this place:thumbsup:

 

[jejeosborne]

How do handle the permits when you take it down to the studs?

We have so many disclosure hoops to run through when selling.

II just pulled all the building permits for everything myself. No problems. Even had to get a temporary electric permit since i pulled all the electric including the main panel out and changed from overhead to underground.

No disclosures to list since there is no lead paint or mold. What others are you thinking of?

 

[ultrarunner]

Here's a link from the CA department of Real Estate... about 80 pages and very comprehensive covering disclosures required of residential property.

http://www.dre.ca.gov/files/pdf/re6.pdf

 

[jejeosborne]

Here's a link from the CA department of Real Estate... about 80 pages and very comprehensive covering disclosures required of residential property.

http://www.dre.ca.gov/files/pdf/re6.pdf

Probably a little different than most places but it is just standardized paperwork that shouldn't take more than an hour to complete. Definitely more than what we have here.

California has such a great climate and landscape but I couldn't live there because of the government and politics.

 

[Dr Dave]

How is the new project coming?

Dave

 

[MotorSeven]

Sorry for the slow update but were were all ready to close then the gubberment shutdown which cost us over a month delay. I fixed the roof, pulled down all the sheet rock inside that had water damage. I used bleach on the urine floor first, about two gallons, then after that was all dry I used PineSol, dried it again for a week then painted it with Zissner(thanks for the tip, it seems to work pretty good). All walls were washed down with PineSol. Put up new drywall and re-stomped the ceilings with a brush to match the existing pattern. Replaced all doors including the front and back because they were all damaged in one way or another. Cleaned the kitchen cabinets which came out very well. Replaced the package A/C unit($3,400), the water heater($300), salvaged the toilets all hinges, light fixtures & switch/outlet covers.

I was in Home Desperate and while looking at laminate flooring saw a display for vinyle laminate. I had never heard of it, looks like laminate(same dimensions 6x36) but you can score it with a razor knife, then just snap it in two.....$1.79 a sq ft ....25yr warranty.........hmmmmm. So I bought it, and man I love the stuff. Installation is half the time of composite and really looks good.

I can't find my before pictures, but you can go here to see the original one's on the auction listing:
315 W. Hills Drive, Sneedville TN | Bob Parks Auction